Crypto Daily News from ZBG Exchange

1. Market Wrap: Possible Stimulus Tapering, China Continue Fueling Big Bitcoin, Crypto Dump

Ether is providing some with hope as its momentum, in the form of volume, continues to beat bitcoin for the 10th straight day.

Bitcoin (BTC) trading around $32,938 as of 21:00 UTC (4 p.m. ET). Losing 7.6% over the previous 24 hours.

Bitcoin’s 24-hour range: $31,277-$35,614

Ether (ETH) trading around $2,502 as of 21:00 UTC (4 p.m. ET). In the red 8.2% over the previous 24 hours.

Ether’s 24-hour range: $2,328-$2,721

Bitcoin, the world’s largest cryptocurrency by market capitalization, was down Tuesday by 7.6% as of press time. The price was above the 10-hour moving average and the 50-hour, a sideways signal for market technicians.

BTC fell from $35,614 at 20:15 UTC (1:15 p.m. ET) Monday to $31,277 by 18:30 UTC (11:30 a.m. ET) Tuesday, a 12% drop based on CoinDesk 20 data. Bitcoin then regained some of those losses, at $32,938 as of press time.

2. Bitcoin Futures Market in Capitulation Mode as Traders Turn Bearish

The declining futures premium indicates uncertainty about bitcoin following a 35% correction in May and another 12% drop already this month.

“Futures traders have started to price bitcoin contracts that expire in three months almost equally as the current spot price,” the Norwegian cryptocurrency analysis firm Arcane Research wrote Tuesday in a report.

The declining futures premium indicates uncertainty about the future direction of bitcoin following a 35% correction in May and another 12% drop already this month.

3. Paraguay May Be Next to Court Crypto Businesses With July Bill

Paraguay Congressman Carlos Rejala hopes to draw crypto businesses to the South American nation with a new bill next month.

The project allows cryptocurrency companies — whether in mining or another segment, such as exchanges — to finance their Paraguayan operations with cryptocurrencies, remit dividends abroad and capitalize their cryptocurrency profits in local banks, Rejala told us.

Rejala, a 36-year-old entrepreneur, discovered bitcoin (BTC, -2.2%) in 2017 and began trading in 2019, a year after taking a deputy seat for the independent Hagamos party, he said.

On Monday, following the announcement that El Salvador would introduce a bill to allow bitcoin to be treated as legal tender, Rejala tweeted a photo of himself with laser eyes and a sentence about the project.

“The announcement prompted me not to be afraid and to think that this can be real in my country,” he said.

4. El Salvador Residents Are Split on Bitcoin Adoption Bill

Some El Salvadoran residents are excited by the thought of bitcoin being treated as legal tender, while others are concerned it may just be a tool for corrupt officials.

“This is very good because bitcoin is decentralized and nobody has control of bitcoin and the dollar is in the hands of the governments,” Valle said in Spanish.

But not everyone shares his enthusiasm. Among six locals interviewed, from the capital of San Salvador and beyond, the mood ran from elation for the move to suspicion of Bukele’s motives. Bukele’s government has a reputation for corruption, leading some to wonder if bitcoin will end up just enriching and strengthening a government that shows authoritarian tendencies.

5. Crypto Exchanges See Biggest Bitcoin Outflow in 7 Months. A Reason to Cheer?

“This traditionally bullish signal should be interpreted with caution and in the context of other indicators,” one analyst said.

While it’s too early to tell if the outflows will be sustained, the data might indicate that some traders are satisfied with the current price and have no intention of liquidating their bitcoin (BTC) on the exchanges. In the logic of cryptocurrency markets, the traders might be moving their coins to wallets, custody or cold storage while awaiting the price of bitcoin to rebound.

Crypto exchanges registered a net outflow of 22,550 BTC on Monday, the biggest single-day net drain since Nov. 2, 2020, according to data provider Glassnode. The blockchain analytics firm tracks flow from 13 bit cryptocurrency exchanges, including Binance, Coinbase and Kraken.

“The outflow can best be described as multifaceted, bordering on HODLing, and the use of the digital currency in decentralized finance,” Petr Kozyakov, co-founder and CEO at the global payment network Mercuryo, told CoinDesk. To “HODL” is crypto-market slang for buy and hold.

The number of bitcoins held in exchange wallets fell to a three-week low of 2.54 million from 2.56 million.

Investors typically move coins from exchanges to wallets, taking out liquid supply from the market when they intend to buy and hold in anticipation of price rallies.

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.COM.

ZBG.com has quickly become one of the top 10 exchanges in the world with its innovative, efficient and global operations, and is known as a “New First-Tier” exchange.

Currently, ZBG supports 11 languages, with an average daily activity of more than 160,000, providing over 3 million users around the world with trustworthy cryptocurrency trading, contract trading and other crypto asset investment services.

In the future, ZBG will continue to expand its global market and provide stable, safe and fast blockchain project listing, diversified crypto assets and blockchain derivatives investment services to more blockchain enthusiasts around the world.

ZBG Official English (Telegram): https://t.me/ZBG_Exchange

ZBG Official Chinese(Telegram): https://t.me/ZBG_ChineseOfficial

ZBG Official Bangladesh (Telegram): https://t.me/zbgbangladesh

Twitter:https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

June 9, 2021

Launched in 2018, ZBG is a Hong Kong-based crypto exchange, a subsidiary of ZB.COM. ZBG is focused on providing a trading platform for new and innovative tokens